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You said taking physical delivery is unavailable, I'm looking to find out how you came upon that information. (Some CME notice I can't find, talking to your broker, etc.)
The current physical delivery rules state: Delivery shall be made free-on-board (“F.O.B.”) at any pipeline or storage facility in Cushing, Oklahoma with pipeline access to Enterprise, Cushing storage or Enbridge, Cushing storage. Delivery shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations.
Oil businesses are dying by the minute.
This will be a bloodbath and banks that have billions of outstanding debt to this industry might be next.
I'm wondering at what price oil majors and airlines have hedged. Does anyone know if that is public somewhere?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
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It's bad but maybe not as bad as it looks. Today was penultimate. Lot of traders have to be flat as end of today. Traded MINUS $40.32 in the close but is already back up to MINUS $21.70. Remember we are talking about CL which is a landlocked crude in Cushing Oklahoma. While barrels further North (can only wonder what Canadian crude is worth) and in West Texas will be even lower, prices on the Gulf Coast and Waterbourne will not be as bad. This really is a situation specific to 'inland' US.
Probably quite a few people blew up today in the trading community. Especially the 'it ain't ever going there crowd'. Luckily options expired last week (Thursday?).
